USD/INR Price News: Extends downside to near 82.50 after H&S breakdown USDINR Fed DollarIndex SupportResistance Breaking
Index having shown a pullback move to near 104.20. However, the pullback move has come after a sheer sell-off post-approval of a raise in the US debt-ceiling proposal.has trimmed after the bipartisan between the White House and Republicans as in the longer term it would impact the credibility of the United States economy due to higher debt on the balance sheet.
On the Indian Rupee front, investors are shifting their focus towards the interest rate decision by the Reserve Bank of India , which will be announced next week.pattern on an hourly scale, which indicates a long consolidation in which inventory shifts from institutional investors to retail participants. The 50-period Exponential Moving Average at 82.65 is acting as a barricade for the US Dollar bulls.
The Relative Strength Index has shifted into the bearish range of 20.00-40.00, showing signs of bearish momentum. Going forward, a downside move below May 24 low at 82.50 will further drag the asset toward 29 September 2022 high at 82.22. A slippage below the latter will further drag the asst toward the round-level support at 82.00.
In an alternate scenario, a decisive break above May 23 high at 82.97 will drive the asset toward 03 November 2022 high at 83.18 followed by all-time high at 83.42.
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